GDB

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MATERIAL LITIGATION GDB HOLDINGS BERHAD ("GDB" OR "THE COMPANY") NOTICE OF ARBITRATION DATED 3 JANUARY 2023 FILED BY SYARIKAT ONG YOKE LIN SDN. BHD. ("SYARIKAT ONG YOKE LIN") AGAINST GRAND DYNAMIC BUILDERS SDN. BHD., ("GDBSB") A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

GDB HOLDINGS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
GDB HOLDINGS BERHAD ("GDB" OR "THE COMPANY")

NOTICE OF ARBITRATION DATED 3 JANUARY 2023 FILED BY SYARIKAT ONG YOKE LIN SDN. BHD. ("SYARIKAT ONG YOKE LIN") AGAINST GRAND DYNAMIC BUILDERS SDN. BHD., ("GDBSB") A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
Further to the announcements made on 23 December 2022 and 28 December 2022 respectively, the Company wishes to inform that its wholly-owned subsidiary, GDBSB was served with a Notice of Arbitration (“NOA”) on 3 January 2023 filed by Syarikat Ong Yoke Lin in relation to the disputes arising from the Letter of Acceptance dated 3 February 2021 read together with PAM Sub-Contract 2003 for the 8 Conlay Project.

Syarikat Ong Yoke Lin is seeking amongst others for an award that GDBSB pays Syarikat Ong Yoke Lin the certified Sub-Contract sums pursuant to Certificates of Payment Nos. 7 – 12 to a sum of RM8,794,676.94 and for GDBSB to pay to Syarikat Ong Yoke Lin damages to a sum of RM20,166,695.33 being recurring costs sustained as a result of suspension of works as well as interest at 8% per annum of the arbitration award from the date of breach to the date of full payment/settlement and interest at 5% per annum of the arbitration award from the date of award to the date of full settlement.

GDBSB intends to contest the Notice of Arbitration and has appointed a Malaysian law firm to represent and assist GDBSB in the arbitration proceedings.

Further announcement will be made to Bursa Malaysia Securities Berhad as and when there are material developments on the above matter.

This announcement is dated 3 January 2023.





Announcement Info

Company Name GDB HOLDINGS BERHAD
Stock Name GDB
Date Announced 03 Jan 2023
Category General Announcement for PLC
Reference Number GA1-03012023-00104